The Forex Market Today

The Markets Today Wednesday 30 July 2008 / 10:20h CET

EUR/USD	1.5600
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The Euro broke support and fell. Currently on a rebound from the bottom there is strong initial resistance at 1.5620, while underneath we like to remain short.		An hourly close above .5625 has room to correct to 1.5685 bearish trend-line. Sell tops.	1.5560 MINOR 1.5625 STRONG 1.5515 STRONG 1.5685 TREND 1.5370 TARGET 1.5710 STRONG

GBP/USD	1.9825
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable fell as low as 1.9760. While 1.9830 / 85 tops the market we are looking to extend this move lower to 1.9450 next.		Only a daily close above 1.9960 stops our bearish view. Intra-day a break of 1.9830 risks up to 100 pips push up.	1.9785 MINOR 1.9830 STRONG 1.9680 STRONG 1.9885 STRONG 1.9450 TARGET 1.9960 KEY

USD/JPY	107.90
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
A first test of the 108.30 level held, expect to try this again and eventually rise to higher levels. Target 110		Steep short-term rising trend at 107.70, a break on the hour chart tisks a set-back to 106.90	107.70 TREND 108.20 MINOR 107.20 MINOR 108.50 STRONG 106.85 KEY 108.90 MINOR

USD/CHF	1.0450
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Dollar rose and stopped ahead of strong 1.0485 resistance. If the pair can maintain 1.0445 in the short-term, we can try to continue rising with a target of 1.0650		A break of 1.0445 risks a dip back to 1.0395 or even 1.0335 short-term trend.	1.0305 MINOR 1.0355 MINOR 1.0285 TREND 1.0400 KEY 1.0210 MINOR 1.0485 STRONG

XAU/USD	917.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
An it traded down to challenge the 917 key level. While underneath of 920 this morning, we risk widening the lows to 905 and eventually 885.		An hourly close above 922 can see a pullback to 930/935 resistance levels.	915 MINOR 920 MINOR 905 STRONG 930 STRONG 900 MINOR 936 KEY

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